Legal Thinking, State-owned Enterprise Debt Management

The core of reforming the state-owned enterprises is tO reform the enterprises' property rights, i. e. how to establish modem enterprise system consistent with market economy requirements, with property rights mechanism as the bond. With the increasing deepening of the reform of enterprise property rights, the reforming forms are explored and increased continuously. The reforming into a company is now the main form in the reform of enterprise and corporate system, which set good examples for the establishment of modem enterprise system.Grave attention should be paid to the establishment of modem enterprise system with all legal and policy measures on a stable basis as the reform of enterprise property rights would reorganize the interest allocation frame in the context of former system and cause all kinds of shocks. During the reform are involved with many issues, the most one of which is haw to shoulder and handle pre-reforming enterprise debts. As the ownership of debt and credit has significant bearing with the state, enterprises, the ones acquiring enterprises and the workers in the enterprises, how to handle the enterprise credit and debt constitutes a critical safeguard for the reform to succeed. But, there exist many disputes in actual reality and big disagreement around these disputes among the academic and the practice, which bars the smooth development of our nation's enterprise reform.Considering the above, the article, on the basis of the supreme court's stipulation and such laws and regulations as contract law general rules of the civil law and company law and related legal theories, attempts to analyze and expound how to shoulder the former debts of reformed enterprises in way of reforming into a company.The first chapter of the article gives a general introduction of the basic theories of enterprise system reforming. It covers the elementals of property rights, the distinctions and correlations of property rights and the ownership, system and the history of our state-owned enterprises' reforming. It also points out that it is urgent to regulate the enterprises' debts in the course of reforming as it involves many parties.The second chapter introduces the basic principles of debt-handling during the reforming: the principles of agreement-priority, will-autonomy, law-priority and policy-supplementation, legal person as independent person and responsibility, interest-balance and enterprise-existing.The following chapter consists the main part of the article. It gives analysis and explanation of the debt-handling in reforming into a company in many different aspects.We hope we will contribute to the further regulation of debt-handling in the enterprise reform with the above analysis and exposition.